Mon, 12 Oct 2015 | ADMINISTRATION
An aircraft maintenance company based in Hampshire has entered administration after struggling to find enough work to keep things moving, the BBC reported.
ATC Lasham operated out of Lasham and Southend Airport and provided scheduled and unscheduled heavy maintenance on Boeing and Airbus aircraft out of a four-bay facility.
Administrators from Grant Thornton have been appointed to handle the administration. A statement explained that 309 of the company's 373 staff have lost their jobs with a skeleton staff being kept on to help handle administrative matters.
The firm's financial distress has been attributed to a lack of work. Nigel Morrison from Grant Thornton commented: “The current outlook and forecast cash flow requirements have left the directors with no alternative.
“We will be urgently reviewing options and seeking ways to minimise the potential disruption that may be caused to customers.”
The team added that while the company usually sees a reduction in work over the summer months, this year they failed to see an increase in orders to fill their winter programme. While the firm tried to find additional investment to keep the business above water over the colder season they were unsuccessful.
ATC Lasham was incorporated in 1995 but has a long history. The airfield from which the firm operated was an RAF base built in 1942 and one of the early airlines, Dan-Air, also operated its sister company on Lasham airfield.
View more businesses for sale.
One of the top job search portals - developed in-house - with over 1m UK-based vacancies available from employers operating in nearly all sectors across the UK. Also develops & operates a series of complementary platforms & mobile apps for use within...
Manufacture and supply of high quality, hard metal, flanges and butt welds with machining services. Enviable reputation. Niche offering. Long standing relationships with suppliers. In-house manufacturing capabilities. Diverse client base including m...
Public and private sector road surfacing and civil engineering contractor with a prestigious Royal Warrant for Road Maintenance. Provides roadworks, groundworks and civil engineering services. Diverse customer base including Royal Estates, local auth...
|
19
|
|
Jan
|
Luxury lodging group enters administration | ADMINISTRATION
An Essex-based company which operates eight luxury lodge par...
|
17
|
|
Jan
|
Fine paper business enters administration | ADMINISTRATION
Arjowiggins UK, which operates a number of trading companies...
|
15
|
|
Jan
|
Hawk Plant enters administration | ADMINISTRATION
The Shropshire company, that has previously undertaken landm...
Sign up to receive our acquisition alert emails to get your FREE guide
|
13
|
|
Dec
|
Harvard Technology Limited enters administration | ADMINISTRATION
A lighting company based in Normanton has been forced to eng...
|
12
|
|
Jun
|
Construction company collapses following the liquidation of Carillion | ADMINISTRATION
Irish building firm Sammon Construction has gone into insolv...
|
12
|
|
Oct
|
CovPress Limited in administration, leaves 800 jobs facing uncertain future | ADMINISTRATION
One of Coventry’s largest employers has gone into admi...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources